I think you are 100% correct, in lightly traded stocks throw the charts out the window. One decently financed individual or group can have too much of an impact one way or the other, busting through moving averages at their choosing. Heck, one doesn't even have to be super-financed in some OTC stocks with super little volume.

The lighter the trading volume of stocks the less you can count on the technicals imo.

I think the .01 level is a psychological level of support. I also don't think there is a "real" level of resistance on the way up.